Investor Relations En Ro

Maib delivers excellent quarter; Moldova steps closer to EU membership

06 Nov, 2024

Investor Relations Release - 6 November 2024
 

Maib delivers excellent quarter; Moldova steps closer to EU membership

 

  • Moldova votes “Yes” at EU accession referendum in October;
  • Maia Sandu, Moldova’s pro EU president, re-elected for a second term in November;
  • Maib’s net profit reached MDL 399 million in 3Q 2024 (EUR 20.6 million1), up 21.4% YoY with a ROE of 20.6% in the quarter;
  • Loan portfolio records strong growth (17%), driven by retail lending (retail loans – up 29.5% YoY);
  • Maib completed a successful stock buyback exercise, purchasing 2.99% of total shares, a capital return of MDL 231 million (started - 3Q 2024, completed – October 2024);
  • Maib business application gains significant traction amongst clients while maibank hits new highs, with 70% of all retail loans now being granted online whilst nr. of users surpass 722k;
  • A new member, Alexandru Sonic, joined maib’s management board (pending NBM approval). He is the new VP in charge of Corporate with a wealth of international experience, including 10 years at Morgan Stanley.

 

Giorgi Shagidze, CEO of maib, commented:

"First of all, I am very pleased with maib’s performance. Our net profit of MDL 399 million in Q3, up 21.4% year-on-year, with ROE of 20.6%, demonstrates our ability to sustain profitability throughout the economic cycle. This quarter’s growth in digital channels, with over 70% of retail loans now granted online and more than 722k active users, underscores the success of our ongoing push into digital. Among the key initiatives we launched is the AI in banking project which I believe can be transformative, equipping us with advanced tools to drive operational efficiency and provide personalized banking experiences for our customers.

Additionally, I would like to emphasize the importance of the recent referendum and presidential elections. Today Moldova has a unique and real opportunity to become a member of the European Union, which will open prospects for economic and social progress."

 

Maib 3Q and 9m 2024 performance highlights:

  • Maib’s net profit reached MDL 1,095 million in 9m 2024, equivalent to EUR 56.9 million2, growing from MDL 988 million in 9m 2023, equivalent to EUR 50.7 million3, a YoY growth rate of 10.9%;
  • The YoY growth was largely driven by higher net interest income and increased net foreign exchange gains;
  • Non-interest income accounted for one third of the Group’s total operating income during 3Q 2024;
  • Return on Average equity (ROE) stood at 20.6% in 3Q 2024, as compared to 17.8% in 3Q 2023, reflecting the strong quarter performance;
  • Market share of maib as of 30 September 2024, was as follows:
    • Market share of total assets – 35.4%, up by 1.8 pp YoY;
    • Market share of total loans – 37.6%, down by 0.6 pp YoY;
    • Market share of total deposits – 35.8%, up by 2.0 pp YoY;
  • Number of maibank users surpassed 722 thousand, an increase of 32% YoY;
  • Out of total retail deposits 74% originated online, whilst for the number of retail loans that number was 70% during 3Q 2024;
  • NIM increased to 4.2% in 3Q 2024, up by 0.1pp QoQ;
  • Cost to income dropped to 45.2% in 3Q 2024;
  • Maib is envisioning international expansion with an asset-light digital-only offering in Romania, focused on meeting Moldovan diaspora needs and subsequent service extending to broader Romanian consumer market. 

 

Moldova update – path towards EU:

  • In late October – early November Moldovan voters made 2 significant choices for the country:
    • Firstly, at a referendum on 20 October which posed the question “whether to include EU accession into the constitution” voters chose “yes”, with 50.4% choosing in favour of the motion;
    • Secondly, following an inconclusive first round where no presidential candidate got over 50%, on 3 November voters chose to re-elect Maia Sandu, Moldova’s current pro-EU President, for another mandate.
  • The economy grew by 2.2% in the first half of the year, with two key drivers being retail trade and IT.
  • An average of revised forecasts show that the Moldovan economy will grow by 2.5% in 2024, 3.5% in 2025, and 4.0% in 2026.
  • Exports of services continued to grow, reaching USD 691 million which is nearly 20% higher as compared to last year, leading to a high trade surplus in services of USD 246 million (28.8% higher YoY);
    • On the other hand, exports in goods fell by 12.4% YoY to USD 2.3 billion, mainly attributable to lower re-exports.
  • The rate of inflation was at 5.2% in September 2024, whilst the base rate has been at 3.6% since May 2024

 

Detailed financial results (report and presentation) can be found in the Results Center section of Investor Relations website (LINK).

 

Permanent Download Links:

 

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Conference Call 

Maib will hold conference call covering 3Q 2024 results on Wednesday, 6 November at 16:00, Chisinau time via zoom. 

To access the call please use the  following link using the access code 646826.

Simultaneous translation in Romanian and Russian will be available to the participants.

Please submit your questions via chat or via email at evgenii.risovich@maib.md.

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Teleconferința

Maib va organiza o conferință telefonică care acoperă rezultatele 3T 2024 pe 6 noiembrie, la ora 16:00, prin zoom.

Pentru a accesa apelul vă rugăm sa accesați următorul link folosind codul de acces 646826.

Traducerea simultană în română și rusă va fi disponibilă pentru participanți. Vă rugăm să adresați întrebările dvs. prin chat sau prin e-mail la evgenii.risovich@maib.md. 

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Конференц-звонок

B Среду, 6 ноября, в 16:00 в зуме maib проведет телефонную конференцию, посвященную результатам третьего квартала 2024 года.

Чтобы получить доступ к звонку пожалуйста используйте  следующую ссылку используя код 646826.

Участникам будет доступен синхронный перевод на румынский и русский языки.

Пожалуйста направляйте свои вопросы в чат во время звонка или по электронной почте evgenii.risovich@maib.md.

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Recent investor relations releases

 

Upcoming investor events

  • 6 November - 3Q 2023 Financial Results Release and Conference Call
  • 3 December - WOOD’s Winter Wonderland EMEA Conference

 

Contact investor relations

Maib Investor Relations
Evgenii Risovich
Phone: +37368403477
E-mail: Evgenii.Risovich@maib.md

 

Press Contact
Daniela Șerban
Phone: +40742242662
E-mail: Dserban@vertikgroup.eu

 

For further enquiries, please contact: IR@maib.md or by phone at +373 68 403 477 or visit our website ir.maib.md.

 

 

1. Exchange rate used: EUR/MDL 19.33 average exchange rate for 3Q 2024↩
2. Exchange rate used: EUR/MDL 19.25 average exchange rate for 9M 2024↩
3. Exchange rate used: EUR/MDL 19.47 average exchange rate for 9M 2023↩